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Financial experts agree everyone needs an emergency fund, a savings account with readily accessible cash to be prepared for any contingency. The question is:

How much should you keep in a rainy-day fund?

With more than 5.5 million Americans unemployed for 27 weeks or longer, according to the Bureau of Labor Statistics, the rule of thumb of three to six months' worth of expenses may no longer apply.

"A lot of experts now recommend that everyone keep nine months to one year of income in an emergency account in case of job loss," says Gail Cunningham, spokeswoman for the National Foundation for Credit Counseling in Washington, D.C. "People are often out of work now for as long as nine months, and if they don't have savings, they live on credit. So when they replace their job, they are behind because now they have debt to repay."

Cunningham says the important message for all consumers is that "you can't afford not to save."

And according to Bankrate's February Financial Security Index, just more than half, or 54 percent, of Americans said they have more money in emergency savings than in credit card debt. One in 4 Americans has more credit card debt than emergency savings, up a bit from 23 percent last year.

Cunningham recommends starting by saving $100 per month or 10 percent from each paycheck, so you have at least something in a savings account or checking account at the end of the year.

Scott Cramer, president of Cramer & Rauchegger Inc., a financial planning firm in Maitland, Fla., recommends having an emergency fund of three to nine months' worth of expenses, depending on individual circumstances.

Don't underestimate"It's a common mistake to underestimate your expenses or to just think about fixed expenses such as a mortgage," Cramer says. "I suggest people look at what they are spending on everything, including gas, food and child care, then estimate how much they will need."

Cramer says families with kids and one income need the maximum emergency fund, while retirees who face an emergency but have a pension, Social Security and low expenses may need as little as three months' worth in an accessible fund.

The factors that impact the size of your rainy-day fund include your living expenses, whether you have one or two incomes, and whether you have income from other sources such as investment properties or other income-producing assets.

"If you have two incomes and are good at budgeting, not spending every dollar that comes in, you might be OK with a smaller emergency fund," Cramer says.

After years of a weak economy, many consumers are worried about job security.

"Most people still feel uncertain about the economy. People who are self-employed may feel they have job security, but they actually need to have more than six months' of living expenses on hand because they have business expenses in addition to living expenses," says Larry Rosenthal, president of Financial Planning Services in Manassas, Va.